Unifi Seeks Shareholder Approval For Declassified Board

Directors of textured yarn maker Unifi Inc have voted unanimously to declassify the board to ensure that its corporate governance policies maximise management accountability to shareholders.

And according to a regulatory filing Thursday, the company is now seeking shareholder approval for the proposal. Voting is scheduled for its annual meeting on 23 October.

Unifi believes a declassified board will be more accountable. At present, its board consists of 10 directors serving staggered three-year terms.

If declassified, the entire board will be re-elected.

(Source: just-style.com)